HRS Aluglaze IPO Review – Should You Apply? Strengths, Risks & Key Details
HRS Aluglaze Ltd is opening its SME IPO, giving investors an opportunity to participate in a company that designs, manufactures, and installs aluminium architectural systems. From commercial buildings to industrial and institutional projects, the company has built a solid presence through repeated client relationships and strong execution capabilities.
This IPO is meaningful because it comes from a company with consistent revenue growth, an in-house design team, and diversified project experience across India. With an increasing need for modern aluminium windows, doors, façades, and glazing systems, HRS Aluglaze aims to raise funds to strengthen its operations and fuel future expansion.
IPO Key Details
| Detail | Information |
|---|---|
| IPO Name | HRS Aluglaze IPO |
| Bidding Dates | 11 Dec 2025 – 15 Dec 2025 |
| Price Band | ₹94 – ₹96 |
| Lot Size | 1,200 shares |
| Minimum Investment | ₹2,25,600 |
| Issue Size | ₹50.92 Cr |
| Face Value | ₹10 |
| Tentative Allotment Date | 16 Dec 2025 |
| Tentative Listing Date | 18 Dec 2025 |
| Exchange | BSE – SME |
| Investor Category | Individual Investor (Retail) |
| RHP | RHP (PDF) |
About HRS Aluglaze
HRS Aluglaze Ltd designs, manufactures, and installs aluminium architectural systems for commercial, residential, industrial, and institutional buildings. Its portfolio includes aluminium windows, doors, curtain walls, façade systems, and glazing projects.
Key Company Information:
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Founded: 2012
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MD/CEO: Mr. Rupesh Pravinhhai Shah
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Parent Organisation: HRS Aluglaze Ltd
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The company claims strong repeat customers and long-term relationships with developers, government agencies, and institutional clients.
Its in-house design team, advanced machinery, CNC-based fabrication, and quality certification strengthen its ability to execute high-complexity and time-bound projects efficiently.
Strengths of HRS Aluglaze
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The company claims to have executed multiple aluminium façade and glazing projects across India.
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A significant share of work reportedly comes from repeat customers, showing strong trust and long-term relationships.
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It has an in-house design and engineering team of seven employees, supporting complete project planning and execution.
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The facility is equipped with CNC machines, cutting and assembling tools, and testing equipment for fabrication work.
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The company has ISO 9001:2015 certification and holds MSME ZED Bronze Certification.
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Uses Italian fabrication equipment, in-house testing, and SOP-driven processes.
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Reports show a consistent increase in revenue and profit after tax over FY23, FY24, and FY25.
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Revenue increased from ₹23.65 Cr (FY23) to ₹26.52 Cr (FY24) and ₹42.11 Cr (FY25).
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PAT increased from ₹0.83 Cr (FY23) to ₹1.79 Cr (FY24) and ₹5.16 Cr (FY25).
Risks of HRS Aluglaze
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The top customer accounted for 21.57% of revenue for the period ending Sep 2025 — heavy dependency risk.
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The company depends significantly on repeat customers, which may impact revenue stability if clients discontinue.
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High competition in the aluminium solutions industry may affect margins and growth.
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Demand fluctuates because aluminium projects often depend on large orders, including corporate and government tenders.
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Receivable cycles from customers can be long, impacting working capital.
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Business is sensitive to raw material price changes, especially aluminium.
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Quality issues or inability to meet timelines may affect customer trust and future orders.
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The company depends on seasonal project flow, especially in the last two quarters of the financial year.
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A large portion of revenue comes from manufacturing and installation of aluminium architectural systems, which may expose it to industry-specific slowdowns.
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The company has high labour involvement, making it vulnerable to manpower availability and cost fluctuations.
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Requires continuous investments in equipment upgrades; delay may impact efficiency.
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Cash flow varies depending on project execution pace and customer payment timelines.
Financial Performance of HRS Aluglaze
Financial Table (Extracted Data Only)
| Financial Year | Revenue (₹ Cr) | PAT (₹ Cr) |
|---|---|---|
| FY23 | ₹23.65 Cr | ₹0.83 Cr |
| FY24 | ₹26.52 Cr | ₹1.79 Cr |
| FY25 | ₹42.11 Cr | ₹5.16 Cr |
Humanized Analysis
The financial trend looks strong. Revenue has grown steadily from FY23 to FY25, with FY25 showing a sharp jump. Profit after tax has also increased consistently, indicating improving operational efficiency and better margin management. While the company is still in the SME space and profits remain modest, the upward trend suggests improving business stability.
GMP Status
NA
Should You Apply?
HRS Aluglaze shows positive signs such as growing revenue, consistent profitability, an in-house technical team, certified manufacturing processes, and strong repeat business from clients.
However, it also faces risks related to customer concentration, industry competition, raw material price fluctuations, and seasonal order flow, which are typical challenges for project-based businesses.
Since this is an SME IPO, investors should consider the higher volatility, limited liquidity, and smaller company scale before making decisions.
This is a balanced overview — not a recommendation.
IPO Timeline
| Event | Date |
|---|---|
| IPO Opening Date | 11 Dec 2025 |
| IPO Closing Date | 15 Dec 2025 |
| Allotment Date | 16 Dec 2025 |
| Refunds | Not mentioned |
| Demat Credit | Not mentioned |
| Listing Date | 18 Dec 2025 |
Top HRS Aluglaze IPO FAQs
1. What is the issue size of HRS Aluglaze IPO?
The issue size is ₹50.92 Crores.
2. What is “pre-apply” for HRS Aluglaze IPO?
Pre-apply allows you to apply for the IPO four days before the subscription period starts.
3. If I pre-apply, when will my order get placed?
Your order will be placed on the exchange as soon as bidding starts. You will receive a UPI request within 24 hours after bidding opens.
4. When will I know if my IPO order is placed?
You will be notified when the order is placed with the exchange.
5. What are the open and close dates?
The IPO opens on 11 Dec 2025 and closes on 15 Dec 2025.
6. What is the lot size and minimum order quantity?
Lot size is 1,200 shares, and the minimum order quantity is 2,400 shares.
7. What is the allotment date?
Allotment date is 16 Dec 2025.
8. Who is the registrar for this IPO?
Registrar is Purva Sharegistry (I) Pvt. Ltd.
9. Where will the IPO be listed?
Shares are proposed to be listed on BSE – SME.
Final Summary
HRS Aluglaze IPO belongs to a company with growing financials, repeat customer strength, and certified, efficient operations. It may appeal to investors who track SME growth stories in manufacturing and construction-related fields.
However, factors like customer dependency, industry competition, and SME volatility should be kept in mind. Reviewing financial goals and risk appetite is essential before participating.
Disclaimer
“Disclaimer: This article is for educational purposes only and should not be considered financial advice. Always consult a professional financial advisor before making any investment decisions.”
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